Davids Successfully Advocates for Changes to SBA Guidance That Will Allow Tribal Small Businesses to Access Loans

Newly-released Small Business Administration (SBA) guidance will allow tribal small businesses that were previously excluded to access loans through the Paycheck Protection Program. While the CARES Act passed by Congress last month provided for tribal small businesses to access Paycheck Protection Program (PPP) loans, the SBA had released an interim rule that excluded tribally-operated gaming businesses from accessing this critical assistance. Davids led a bipartisan, bicameral effort of 38 lawmakers urging the SBA to change their rule and today they did.

"We should be doing everything we can to support our small businesses right now, including our tribal businesses, which are vital employers for Tribal Reservations and their surrounding communities. I commend Small Business Administrator Carranza for listening to our concerns and making sure tribal small businesses can access these critical loan programs as Congress intended so they can pay their employees, keep their businesses afloat, and help preserve their economy," said Rep. Sharice Davids, Vice-Chair of the Congressional Native American Caucus.

The Paycheck Protection Program is a new guaranteed loan program at SBA for small businesses with fewer than 500 employees to maintain payroll during the immediate coronavirus crisis. These critical funds are 100 percent refundable for small businesses that retain their employees.